SE Asia: Imported billets prices remain supported amid firm Chinese offers

South East Asia's imported billets prices remained supported this week mainly on account of firm Chinese offers, in the absence of CIS countries. SteelMint's bi-weekly assessment of imported billets (150*150mm, 3SP) into the Philippines currently stands at around $810-820/tonne (t) CFR Manila, largely stable, w-o-w.

Chinese mills are reportedly active in steel billets exports at comparatively lower offers to Southeast Asia and East Asian countries at around $800/t FOB, as per market sources. However, no significant deals have been reported recently after deals were concluded at $780/t FOB last week.

Market highlights

• Thailand's imported billets prices largely stable: Indicative imported billets prices into the country from China and Indonesia hovered at around $820/t CFR.
  
  
• Indian ocean billets export trade muted: Indian billets export market remained subdued in the last one week amidst bid-offer disparities as no significant deals were reported. Owing to production-related issues at a couple of key primary mills, export allocations remained low. Also, as per media reports, thousands of workers from state-owned SAIL, RINL and NMDC joined the two-day nationwide strike on 28-29 March, 2022, which also impacted production volumes. SteelMint's bi-weekly price assessment for Indian billets export (150*150mm, 3SP/4SP, BOF route) stood at around $750-770/tonne (t) FOB on 1 April, 2022, down marginally by $5/t, w-o-w.
  
  
• Iran's semis export prices rise after Nowruz holidays: Iran's semi-finished steel export prices rose sharply as some deals were reported at high offers. Slab export deals remained strong, although for billets mills are likely to open offers next week. Prices for both steel billets and slabs have witnessed an upward trend amid strong global steel prices and supply concerns. An export deal for 50,000 t of steel slabs was heard concluded at around $750/t FOB earlier this week for Southeast Asia; the shipment is scheduled for April, 2022. SteelMint's assessment of Iran's billet (3SP) export prices stood at $690/t FOB on 1 April, mainly stable w-o-w.